Entertainment conglomerate Disney, after cutting 7,000 jobs in February, is now once again considering laying off at least 4,000 current employees in April, it is reported. business insider.
To do this, the firm instructed managers to propose budget cuts and draw up lists of employees who will be laid off in the coming weeks, the report adds, citing sources.
However, it is still unclear whether the layoffs will be made in batches or all at once. The planned job cuts were announced ahead of Disney’s April 3 annual meeting.
On top of that, Disney also announced that it would be cutting general adult entertainment and looking at options on what to do with the Hulu streaming service. The streaming service specializes in entertainment shows and is two-thirds owned by Disney and one-third by Comcast Corp.
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Earlier in February, Disney CEO Bob Iger announced it was laying off 7,000 employees as the firm sought to save billions of dollars through restructuring, content cuts and pay cuts.
Excluding sports, the firm expects to save about $3 billion over the next few years.
As part of the strategic reorganization, Iger said there will be three main business segments: Disney Entertainment, ESPN and Disney Parks, Experiences and Products.
“This reorganization will result in a more cost-effective, coordinated and streamlined approach to our operations, and we are committed to managing our business more effectively, especially in a difficult economic environment. “Savings across the company,” BI is quoted as saying by the CEO.
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